Iraq invites firms to second oil bid meeting

Published: 27 July 2009 12:33 GMT, Author:Perry Williams, MEED

Iraq‘s Oil Ministry will hold a roadshow for its second oil licensing round in Istanbul on 25 August in an attempt to reverse the disappointing results of the first bid round held in June.

The ministry’s Petroleum Contracts & Licensing Directorate says it has invited 45 qualified oil companies to attend the meeting.

The directorate is offering licences covering 10 oil and gas fields which have yet to be developed.

The fields include the highly prized Majnoon field in Basra Province and West Qurna phase 2, which holds about six billion barrels of oil.

The remaining fields include Halfaya, East Baghdad, Gharraf, Qavara, Najmah, Badrah and Merjan/Kifl/West Kifl.

Iraq is also offering an Eastern Block comprising the Gilabat, Khashm al-Ahmr, Nau Doman and Qumar fields.

The government previously said it will sign contracts by the end of 2009 and that the fields are capable of producing up to 2.5 million barrels a day (b/d) of oil by 2013.

In June’s licensing round, Iraq’s Oil Ministry awarded just one licence to an energy major as companies baulked at Baghdad’s tough terms and conditions.

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Kuwait/Iraq : UN approves Kuwaiti compensation claims

Published: 30 July 2009 11:03 GMT

The UN’s Compensation Commission (UNCC) has approved and awarded 10 Kuwaiti claims for damages against Iraq worth a total $430m.

The claims are for damages and losses suffered during Iraq’s 1990 invasion of Kuwait.

« This latest round of payments brings the overall amount of compensation made available to date by the commission to nearly $28bn, » the UNCC said in a statement on 30 July.

Kuwait’s compensation claims have become a subject of much debate in recent weeks, as Iraq is seeking to either slow or halt entirely the reparations it pays to its neighbours, of which the oil-rich emirate is the main recipient.

Following the 1990 invasion and subsequent liberation of Kuwait by a coalition of countries led by the US, the UN decided that Iraq should pay $50bn in reparation for the damage caused to its infrastructure and economy.

Baghdad had been making payments by passing on 30 per cent of the country’s oil revenues. However, was cut to 5 per cent after the US-led invasion deposed Saddam Hussein in 2003.

Iraq’s Prime Minister Nouri al-Maliki says the country should not be punished for a war propagated by the deposed dictator, and that the country needs retain its oil revenues to rebuild its shattered infrastructure. Kuwait, however, opposes the proposal.

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Irak, Climat des affaires et des investissements

Irak, Climat des affaires et des investissements.

1) Pas d’exemption des lois irakiennes

Les contrats avec le gouvernement américains et les autres pays alliés étaient exemptés de l’application des lois irakiennes jusqu’au 1^er Janvier 2009. Depuis le Status of Forces Agreement (SOFA) a levé cette immunité, ce qui signifie que désormais les entreprises et personnes étrangères sont sujettes à l’application des lois civiles et criminelles en Iraq mais aussi doit observer les obligations légales et règlementaires incluant les procédures du droit d’établissement et d’exit, la loi sur l’imposition, les procédures d’enregistrement y compris pour les véhicules, les permis de conduire et les armes. De plus, toutes les entreprises et personnes étrangères engagées dans des activités commerciales doivent obtenir une licence du gouvernement irakien.

2) Création d’un bureau de représentation commerciale

La méthode la plus simple pour établir une présence commerciale en Irak, en particulier pour les compagnies étrangères cherchant des contrats avec le gouvernement Irakien, est de s’enregistrer comme un «Bureau de représentation commerciale». Cette forme permet aux sociétés étrangères de développer des activités commerciales en Irak et à pouvoir négocier des contrats avec des ministères iraquiens. La procédure d’enregistrement comme un bureau de représentation est simple, nécessite de remplir une demande, nommer un « directeur et le paiement d’une somme modique. En Iraq, la plupart des ministères n’ont pas besoin d’autres licences pour conclure un contrat. Si une société étrangère obtient un contrat avec le gouvernement, elle peut alors transformer son bureau de représentation commerciale en filiale.

3) Création d’une filiale

La loi « CPA Order 93 », qui est actuellement intégrée à la loi irakienne actuelle, permet à des entreprises non-irakiennes de se créer et opérer par le biais d’une filiale. L’enregistrement d’une filiale a été au cours des dernières années le moyen le plus rapide à mettre en place pour les entreprises non-irakiennes pour pouvoir engager des activités commerciales en Irak (par opposition au bureau de représentation commerciale qui peut se livrer uniquement à des activités de développement des entreprises). Bon nombre de sociétés opérant en Iraq sont mises en place comme des filiales. Les entreprises étrangères qui souhaitent établir une société distincte pour faire des affaires en Irak, plutôt que d’une filiale peuvent opter pour les formes classiques d’intégration y compris les sociétés à responsabilité limitée, sociétés anonyme, sociétés à responsabilité commune, l’entreprise à propriétaire unique, l’entreprise à commandite simple. Choisir la meilleure entité dépend du degré de responsabilité que les investisseurs veulent protégés, le nombre d’investisseurs, de leur pourcentage de participation, et si les investisseurs publics et privés seront impliqués. Les formes de société les plus populaires pour les sociétés étrangères sont les sociétés à responsabilité limitée et les sociétés anonymes.

4) Paiment des impots

Les règles fiscales sont désuètes et contiennent de nombreuses ambiguïtés. En général, les Irakiens et de non-Irakiens résidant en Irak doivent payer l’impôt sur le revenu qui provient d’Irak. L’impôt sur le revenu Irakien définit le revenu imposable comme revenu net provenant d’activités commerciales ou d’activités ayant un caractère commercial. Les revenus des sociétés à responsabilité limitée et des sociétés par actions est taxé à un taux fixe de 15%. Les entreprises étrangères doivent demander des conseils précis sur la façon dont leur entreprise seront traitées en vertu de la législation fiscale Irakienne et la manière de le déclarer et s’en acquitter.

5) Obtention d’une autorisation d’investissement (licence)

Pendant le régime de Saddam Hussein, la loi décourageait les investissements étrangers. Seuls les Irakiens pouvaient constituer des sociétés en Irak et les entreprises étrangères qui ont ouvert des bureaux en Irak ont fait face à des règles strictes concernant leurs activités commerciales. En Octobre 2006, le gouvernement Irakien a promulgué la loi sur l’investissement national, qui contient des mesures incitatives pour les entreprises étrangères, y compris une exonération d’impôts et des taxes et la garantie que le capital des investisseurs étrangers seront traités de la même manière que les investisseurs en capital nationaux. En vertu de la loi, les sociétés doivent demander un projet de licence d’investissement spécifique de la part de la commission nationale de l’investissement (NOC) or régionale pour pouvoir se prévaloir des incitations. En plus d’une exonération totale du paiement de l’impôt, les projets sous licence sont garantis de la possibilité de rapatriement de la totalité des bénéfices de l’investissement, le droit d’employer des travailleurs étrangers, et une période d’exonération de trois ans sur les droits d’importation pour les équipements requis pour le projet. Le Gouvernement régional du Kurdistan a adopté sa propre loi sur les investissements qui contient quelques différences.

6) Droit de propriété des étrangers

La plupart des pays du Moyen-Orient et Afrique du Nord limite le droit d’accession à la propriété des étrangers. Le gouvernement Irakien a maintenu en place ces interdictions traditionnelles, mais permet des baux à long terme pour les entreprises qui obtiennent une licence d’investissement, mais aucun droit de propriété de biens immobiliers. D’autre part, le Gouvernement régional du Kurdistan, à travers son droit d’investissement régional permet l’appropriation de biens immobiliers dans les trois provinces du Nord qui composent la région du Kurdistan. Le gouvernement central Irakien est en train d’examiner une exception à cette règlementation et le Premier ministre Maliki, ainsi que le Président de la Commission nationale d’investissement, M. Sami al-Araji, ont exprimé leur soutien à un changement de la loi pour autoriser le droit de propriété dans le reste de l’Irak.

7) Droit d’établissement et de sortie (exit)

L’obtention de l’autorisation d’entrée en Irak est presque automatique pour les contractants du gouvernement des États-Unis avant l’accord sur le « statut des forces » (status of Forces Agreement). La suppression de l’immunité des contractants a rendu obligatoire l’obtention d’un visa d’entrée pour toutes les sociétés. Les visas doivent être obtenus auprès de l’ambassade Irakienne avant d’entreprendre un voyage en Irak. La procédure d’obtention du visa est assez lourde et peut parfois prendre des semaines voire des mois. L’obtention d’une lettre d’approbation des officiels Irakien du commerce, tels que l’attaché commercial, la Commission nationale d’investissement, la Commission de l’investissement régional du Kurdistan irakien et d’autres bureaux de représentation peut considérablement accélérer la procédure. En outre, toute entreprise étrangère qui reçoit une licence d’investissement doit recevoir la garantie d’entrée et de sortie pour ses employés.

8) Force exécutoire des contrats

Le système juridique Irakien est vieux de plusieurs siècles de traditions établies de longue date. Pourtant, elle s’est détériorée fortement sous Saddam Hussein et, davantage, au cours du récent conflit. Alors que l’assistance de la coalition des États-Unis et d’autres pays a introduit des concepts modernes, il est cependant nécessaire d’œuvrer davantage pour intégrer les normes internationales pour la réglementation des affaires et le règlement des différends. Dans la mesure du possible, les entreprises étrangères devraient inclure l’arbitrage et les clauses arbitrales dans leurs contrats afin de tirer avantage des lois sur le règlement des différends. Toutefois, les entreprises doivent également garder à l’esprit que l’Irak n’est pas encore signataire de la Convention de New York, le principal traité qui assure l’exécution des actes judiciaires et des sentences arbitrales.

Extrait de « IRAQ BUSINESS INITIATIVE », de la CHAMBRE DE COMMERCE DES ÉTATS-UNIS D’AMÉRIQUE, par David Tafuri, Esquire qui assiste les investisseurs en droit des affaires, litiges et les questions de politique publique.

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Iraq plans rail link to Syria

Iraq says it hopes to open a rail route to Syria later in 2009, reopening an old trade route between the Gulf and southern Europe through Baghdad.

Iraqi Transport Minister Amir Abduljabbar says he would like to launch the project in June although this depends on the ministry completing other work on Iraq’s rail network.

The announcement follows talks between government officials from Iraq, Syria and Jordan to increase co-operation between the three countries on transport, and rebuilding links between the three countries, particularly railways.

Iraq has started to reopen its railway west from Baghdad into Al-Anbar province, towards the Syrian border (MEED 27:3:09).

At the same time, Jordan has selected an international advisory team to consult on a JD4.5bn ($6.4bn) rail project running the length of the country, also to the Syrian border (MEED).

Special Report: Jordan – Closer regional trade links benefit economy

The economic slowdown in the Gulf is having a direct effect on Jordan‘s economy, and highlighting its dependence on remittances from the 600,000 Jordanians working in the GCC.

Such is the volume of money these workers send back that remittances accounted for almost 15 per cent of the kingdom’s gross domestic product (GDP) in 2008. But remittances fell to $273m in April this year, down almost 10 per cent compared with the same month in 2008.

Jordan’s economy is also vulnerable to external shocks because of its reliance on foreign direct investment and global export markets. Both of these key GDP generators have recorded lower growth rates in 2009 than the previous year.

There is one area of optimism, however. Trade with its neighbour, Iraq, is providing Jordan with a much needed fillip to its economy. Baghdad’s $70bn reconstruction plan is translating into orders for cement, bricks and other materials from Jordanian companies, while the port of Aqaba receives a large proportion of the overseas goods destined for Iraq.

A surge in Iraqi reconstruction efforts could not have come at a better time for Jordan, whose future economic prosperity relies on good relations with its often troubled neighbours.

Karbala Investment Authority granted a license to Canadian Co. to implement housing project

2009-06-22

Karbala Investment Authority granted a license to Canadian Co. to implement housing project
Translated by IRAQdirectory.com – [6/18/2009]

The Chief of Karbala Investment Authority, stated on Tuesday, that the board has granted an investment license to a Canadian company for the implementation of a full housing complex project cost of $ 229 million to be completed within three years.

Jamal al-Hajj Yassin declared to (VOI) that the investment authority  » granted an investment license to the Canadian ( Iraq- Can )Co. to implement a 2000 housing units on 230 dunums of land, west of Karbala. »

« The project at a cost of $ 229 million dollars, it will be implemented on the methods of vertical and horizontal construction, and includes a general hospital and four primary, middle and junior high schools in addition to a kindergartens and public entertaining facilities. »

He noted, « That signing the contract took place in Karbala, with the company’s representative in Iraq, which has several branches in a number of countries, » he said.

Yassin clarified, « The project is called (a myth) al-Astora, and the Authority stated a condition to the implementing company that Iraqi employment rate should not be less than50% in the implementation of the project. »

He pointed out that « the project will be implemented over three years and it was agreed on selling the apartments in installment process to the citizens, » explaining that « this is the tenth investment license granted by the body to Arab and international companies and covered all sectors of industrial, recreational, residential, medical and tourism. »

The town of Karbala, the center of Karbala Governorate at a distance of 110 km to the south-west of the capital Baghdad.

AME Info, Iraq, oil and gas briefs

IRAQ OIL NEEDS $50BN INVESTMENTS: Iraq‘s oil minister Hussain al-Shahristani has said that his country needs more than $50bn of investments in the country’s petroleum industry in the next five to six years. The country plans to increase its crude oil production to six million barrels a day by the end of 2015, from the current 2.4 million barrels and aims to almost triple its refining capacity to 1.5 million barrels a day by 2017 from 540,000 barrels at present, he said.

Iraq’s proven oil reserves in 78 discovered fields are about 115 billion barrels, equal to about 10 percent of the world’s total holdings, al-Shahristani has said.

KARBALA TO HAVE SOLAR,WIND POWER STATION: The spokesperson for Iraq’s Karbala investment commission has said that a German firm plans to submit an offer to construct a 400 megawatt solar-wind power generation station in the holy city, Aswat al-Iraq news agency has reported. ‘The project will be set up over an area of 120,000 square metres at a desert location south of Karbala city,’ the spokesperson said.

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Iraq offers to supply half of Nabucco’s gas

By Delphine Strauss in Ankara and Ed Crooks in London

Published: July 14 2009 03:00 | Last updated: July 14 2009 03:00

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Iraq has offered to supply enough gas to fill half the capacity of the proposed Nabucco pipeline, giving the project a boost even as heads of government met to sign a historic agreement approving the plan.

The offer from Nouri al-Maliki, Iraq’s prime minister, to supply 15bn cubic metres of gas a year by 2015 helps address the greatest obstacle to the 3,300km pipeline from eastern Turkey to Austria: the prospect of there not being enough gas to fill it.

José Manuel Barroso, pre-sident of the European Commission, said the signing of the Nabucco agreement in Ankara by the leaders of five countries on the pipeline’s route – Austria, Bulgaria, Hungary, Roman-ia and Turkey – could « open the door to a new era in the relationship between the European Union and Tur-key, and indeed beyond ».

Dick Lugar, the most senior Republican in the US senate, said the agreement was « a signal to the rest of the world that partner governments will not acquiesce to manipulation of energy supplies for political ends ».

Nabucco is intended to provide an alternative to Russian supplies, which have caused growing concern following the disruption caused by disputes be-tween Russia and Ukraine.

The hope is that the inter-governmental agreement will convince gas-producing countries that the project – scheduled to start in 2014 – is closer to becoming reality than rival European or Russian-sponsored schemes, and persuade them to commit the volumes needed for commercial viability.

The only supplier that will definitely be ready for the first phase of the project is Azerbaijan, but it is juggling Nabucco’s de-mands against those of Russia.

Richard Morningstar, US energy envoy, described Azeri gas as a « necessary condition » but not sufficient for the €8bn ($11bn, £7bn) Nabucco project.

Hopes of securing Azeri gas for Nabucco are expected to suffer today when Bulgaria signs up with the consortium building ITGI, a rival pipeline project seeking to take gas from Azerbaijan to the EU.

Bulgaria is set to sign a memorandum of understanding for a planned spur off ITGI that could bring 3bn-5bn cu m of gas per year from Greece.

If Iraq is able to achieve its goal of supplying an annual 15bn cu m, it will fill almost half the pipeline’s 31bn cu m capacity.

Oil companies are interested in investing in the country to develop its resources, including gas.

The Kurdistan region in the north of Iraq has also attracted a planned investment by a consortium of companies including OMV of Austria and Mol of Hungary, which are both members of the Nabucco group.

Nabucco executives say significant quantities of gas could be available from those Kurdish fields as soon as next year.

Recep Tayyip Erdogan, the Turkish prime minister, also reiterated his desire for Iran to be a supplier « when conditions allow ».

Andris Piebalgs, EU energy commissioner, said the EU’s focus now would be on encouraging Turkmenistan to participate. Stefan Judisch of Germany’s RWE, the energy group that is a member of the Nabucco consortium, said Turkmenistan would be able to supply an annual 10bcm in the pipeline’s first phase, but would first have to find a way through disputes over the Caspian Sea.

Gurbanguly Berdymukhammedov, president of Turkmenistan, said last week that participation in the project would help his country – which is locked in a dispute with Russia over gas supplies – to diversify its export routes.

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Iraqi Kurdistan awards oil fields to Gulf Keystone

MEED

Published: 22 July 2009 13:50 GMTAuthor: Perry Williams

The Kurdistan Regional Government (KRG) of northern Iraq has awarded UK-based Gulf Keystone two production-sharing agreements (PSAs) to explore the Sheikh Adi and Ber Bahr oil blocks in the Dihok Province.

Gulf Keystone says the blocks may hold a combined 1 billion barrels of oil.

The Sheikh Adi block is situated northeast of Dihok and covers an area of 180 square kilometres.

The company will operate the block as part of an initial three-year exploration programme which started in July 2009. It holds an 80 per cent interest, with the KRG owning 20 per cent.

The Ber Bahr block covers an area of 350 square kilometres and is north of Dihok.

Gulf Keystone has a 40 per cent interest in this block, with operator Turkey’s Genel Energy also holding a 40 per cent stake. The KRG holds the balance.

Gulf Keystone expects to start drilling on both fields in 2010.

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Maliki to meet Obama, seek support for investment

Ross ColvinThu, Jul 23 12:21 AM

Iraqi Prime Minister Nuri al-Maliki meets President Barack Obama on Wednesday aiming to assert Iraq‘s newfound sovereignty and encourage foreign investors to return to the war-ravaged country.

Three weeks after U.S. troops withdrew from Iraqi towns and cities, paving the way for a full withdrawal by the end of 2011, both Washington and Baghdad are eager to show their relationship has moved into a new phase that will emphasize non-military cooperation.

Maliki is also using his week-long visit to the United States to press for lifting United Nations measures that require Iraq to pay Kuwait billions of dollars in war reparations for its 1990 invasion.

He urged the five permanent members of the U.N. Security Council — the United States, Russia, China, France and Britain — in New York on Wednesday to repeal the measures.

Maliki’s government depends on oil revenues and has been forced to cut spending plans three times this year because of the sharp drop in global oil prices since last summer.

Maliki’s Shi’ite Muslim-led government is courting foreign investors to help resurrect an economy ground down by decades of sanctions, neglect and war.

Maliki is touting Iraq’s improved security after six years of conflict in which tens of thousands of people died and millions were forced from their homes.

But investors are unsure whether Iraq’s laws and regulations offer them sufficient protection, and while violence has dipped sharply, bomb and shooting attacks are still common. Five Iranian pilgrims were killed in Iraq on Wednesday when gunmen fired at a convoy of buses.

Iraq is riven by ethnic and sectarian divisions among majority Shi’ites, Sunnis and Kurds. The Obama administration is worried about the slow pace of political reconciliation, a top U.S. priority.

Both Obama and Biden have called on Iraqis during visits there this year to settle potentially explosive disputes from sharing oil revenues to resolving internal boundaries.

Obama will raise these issues with Maliki, officials said. While acknowledging the challenges, he will stress the importance of reconciliation to achieve long-term stability.

But, an Obama administration official said: « We are not going to be dictating to the Iraqis what they need to do. »

GROWING RIFT BETWEEN KURDS, ARABS

There are concerns over growing tensions between Iraq’s semi-autonomous territory of Kurdistan and Baghdad that analysts fear could trigger renewed conflict just as the country recovers from years of sectarian bloodletting.

Kurds want to fold the disputed city of Kirkuk, which U.S. officials say could hold as much as 4 percent of world oil reserves, into their northern region, but Maliki’s government strongly opposes this.

« Maliki will ask the U.S. to increase pressure on the Kurdish government. Finding a solution for this issue is vital and cannot be postponed any longer, » said Saad al-Hadithi, a political analyst at Baghdad University.

Maliki, whose nationalist stance has boosted his domestic popularity and strengthened his position, is also determined to change the perception that Iraq is a U.S. client and not in control of its own affairs.

He told reporters in New York he wanted to broaden U.S.-Iraqi ties away from a military-led relationship to embrace cooperation in economics, trade, culture and science.

More than 4,300 American soldiers have died in Iraq since the U.S.-led invasion in 2003 that toppled Saddam Hussein. There are still 130,000 U.S. troops in the country. (Additional reporting by Louis Charbonneau in New York, and Waleed Ibrahim, Missy Ryan and Mohammed Abbas in Baghdad).

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